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Tuesday, February 20, 2007

Novastar (NFI) Tumbles

Subprime mortgage lender Novastar Financial (NFI) reported a quarterly loss of $0.39 today. Earnings were hit by defaults and write-downs. The company also said it may change its status from REIT to a regular stock. Say goodbye to that dividend. NFI is down 32% in after hours trading. I would continue to avoid the two well known publicly traded subprime lenders (NFI and NEW).